FORT LAUDERDALE, Fla., Oct. 7, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), today announced that it had publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission ("SEC") on October 5, 2015, relating to a proposed public offering of common stock.
BMO Capital Markets Corp. and J.P. Morgan are acting as joint book-running managers of the proposed offering.
The offering will include shares of common stock sold by the Company and may include shares sold by certain of its stockholders. The Company expects to use the net proceeds from the offering to finance its growth plans including future acquisitions, for working capital and other general corporate purposes, and to repay all outstanding amounts under its revolving credit facility, which were $10.8 million of outstanding principal amount as of September 30, 2015. The Company will not receive any proceeds from the sale of shares by the selling stockholders.
The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus related to the offering may be obtained from BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 27th Floor, New York, NY 10036, or by telephone at (800) 414-3627 or email at [email protected]; or from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, self-funded health plans and employment pre-screening services to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida.
Forward Looking Statements
This press release may include statements that may be deemed to be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook" and similar expressions are used to identify these forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties, and there are important factors that could cause results to differ materially from those indicated in these statements, including the potential that agreements with current or former executives will not be finalized on terms favorable to us or at all, as well as those matters contained in our filings with the Securities and Exchange Commission. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance or events and that results may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we may make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments.
Media and Investor Contacts:
Julie MacMedan (310) 622-8242
Paige Hart (310) 622-8244
Financial Profiles, Inc.
[email protected]
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SOURCE Patriot National, Inc.
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